1
answer
0
watching
199
views
28 Sep 2019
Radko Inc. had the following transactions related to its common and preferred shares:
January 15 Issued 350,000 no par common shares for $15 per share. Issued 5,000 $20 stated value preferred shares at $23 per share. November 29 Repurchased and cancelled 30,000 common shares at $21 per share.
Required:
Prepare the journal entries for these transactions. For a compound transaction, for those boxes in which no entry is required, leave the box blank.
Jan. 15 Cash Common Shares Preferred Shares Contributed Surplus-Preferred Shares (Record sale of preferred and common shares) Nov. 29 Common Shares Retained Earnings Cash (Record purchase and cancellation of common shares)
Radko Inc. had the following transactions related to its common and preferred shares:
January 15 | Issued 350,000 no par common shares for $15 per share. Issued 5,000 $20 stated value preferred shares at $23 per share. | |
November 29 | Repurchased and cancelled 30,000 common shares at $21 per share. |
Required:
Prepare the journal entries for these transactions. For a compound transaction, for those boxes in which no entry is required, leave the box blank.
Jan. 15 | Cash | ||
Common Shares | |||
Preferred Shares | |||
Contributed Surplus-Preferred Shares | |||
(Record sale of preferred and common shares) | |||
Nov. 29 | Common Shares | ||
Retained Earnings | |||
Cash | |||
(Record purchase and cancellation of common shares) |
Nelly StrackeLv2
30 Sep 2019